TIAA-CREF - CREF Equity Index

TIAA-CREF - CREF Equity Index

CREF Variable Annuity Accounts

Equity IndexThe CREF Equity Index Account seeks a favorable long-term rate of return from a diversified portfolio selected to track the overall market for common stocks publicly traded in the U.S., as represented by a broad stock market index.

30-day | 90-day | 180-day1-Year | 3-Year | 5-Year | 10-Year

Unit value as of 06/08/2007: $102.13Total return year-to-date as of 06/08/2007: 7.27%3-month cumulative rate of return as of 03/31/2007: 1.16%Net invested assets as of 03/31/2007: $11.48 billionExpense charge*: 0.41%Inception date: 04/29/1994Investment class: U.S. Equity

Performance Comparison Performance Data

as of 06/08/2007Average Annual Total Returnsas of 05/31/2007

UnitValue

NetChange

YTDReturn 1 Year 3 Year 5 Year 10 Year Since

InceptionEquity Index $102.13 +1.13% 7.27% 22.02% 13.42% 9.82% 7.94% 11.46%Russell 3000® Index† -- +1.13% 7.48% 22.58% 13.89% 10.28% 8.26% 11.81%

The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your accumulation units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above.

* We estimate expenses for the year based on projected expense and asset levels. Differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results.

† The Russell 3000® Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization, and it measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market. You cannot invest directly in this index. Russell 3000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. You cannot invest directly in this index.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc. distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please click here or call 1 877 518-9161 for a prospectus that contains this and other information. Please read the prospectus carefully before investing. TIAA (Teachers Insurance and Annuity

http://www.tiaa-cref.org/performance/retirement/profiles/1004.html (1 of 2)6/11/2007 7:08:13 AM

http://www.tiaa-cref.org/performance/retirement/data/index.html

http://www.tiaa-cref.org/prospectuses/index.html

TIAA-CREF - CREF Equity Index

Association) New York, NY issues annuities. Investment products are not FDIC insured, may lose value, and are not bank guaranteed.

C35463

© 2007 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017


TIAA-CREF - CREF Global Equities


Global EquitiesThe CREF Global Equities Account seeks a favorable long-term rate of return through capital appreciation and income from a broadly diversified portfolio that consists primarily of foreign and domestic common stocks.


Unit value as of 06/08/2007: $109.13Total return year-to-date as of 06/08/2007: 7.96%3-month cumulative rate of return as of 03/31/2007: 1.90%Net invested assets as of 03/31/2007: $16.00 billionExpense charge*: 0.52%Inception date: 05/01/1992Investment class: World



UnitValue

NetChange


InceptionGlobal Equities $109.13 +1.01% 7.96% 24.22% 16.82% 12.17% 7.10% 10.12%Morgan Stanley Capital International World Index† -- +0.07% 7.98% 24.51% 17.82% 12.74% 7.63% 9.83%


The risks that the account is subject to include market risk, company risk, small-cap risk and foreign investment risks.


† The Morgan Stanley Capital International (MSCI) World Index is an aggregate of 23 developed market countries. MSCI calculates indices by applying full market capitalization weights (price multiplied by the number of shares outstanding) for the securities in the index. MSCI calculates regional indices using GDP weightings for countries. You cannot invest directly in this index.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc. distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please click here or call 1 877 518-9161 for a prospectus that contains this and other




TIAA-CREF - CREF Global Equities

information. Please read the prospectus carefully before investing. TIAA (Teachers Insurance and Annuity Association) New York, NY issues annuities. Investment products are not FDIC insured, may lose value, and are not bank guaranteed.

C35463



TIAA-CREF - CREF Growth


GrowthThe CREF Growth Account seeks a favorable long-term rate of return, mainly through capital appreciation, primarily from a diversified portfolio of common stocks that present the opportunity for exceptional growth.


Unit value as of 06/08/2007: $69.97Total return year-to-date as of 06/08/2007: 7.98%3-month cumulative rate of return as of 03/31/2007: 1.18%Net invested assets as of 03/31/2007: $11.87 billionExpense charge*: 0.48%Inception date: 04/29/1994Investment class: U.S. Equity



UnitValue

NetChange


InceptionGrowth $69.97 +1.26% 7.98% 19.50% 8.56% 6.06% 3.44% 8.31%Russell 1000® Growth Index† -- +1.16% 8.17% 20.37% 9.70% 7.50% 4.96% 9.74%



† The Russell 1000 Growth Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000® Index, based on market capitalization. The Russell 1000 Growth Index measures the performance of those stocks of the Russell 1000 with higher price-to-book ratios and higher relative forecasted growth rates. You cannot invest directly in these indices. Russell 1000 and Russell 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.





TIAA-CREF - CREF Growth


C35463



TIAA-CREF - CREF Stock


StockThe CREF Stock Account seeks a favorable long-term rate of return through capital appreciation and investment income by investing primarily in a broadly diversified portfolio of common stocks.


Unit value as of 06/08/2007: $262.73Total return year-to-date as of 06/08/2007: 8.51%3-month cumulative rate of return as of 03/31/2007: 2.29%Net invested assets as of 03/31/2007: $132.93 billionExpense charge*: 0.47%Inception date: 08/01/1952Investment class: U.S./International Equity



UnitValue

NetChange


InceptionStock $259.93 -1.89% 7.35% 23.82% 15.68% 11.41% 8.15% 10.72%CREF Composite Index† -- -1.61% 7.13% 23.64% 15.93% 11.74% 8.56% --



† The account's benchmark is a composite index weighted to reflect the relative sizes of the domestic and foreign segments. Most of the benchmark's return comes from the performance of the Russell® 3000 Index, an unmanaged index of stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The remaining portion comes from the performance of the Morgan Stanley Capital International Europe, Australasia, and Far East plus Canada Index, which represents foreign stock markets. You cannot invest directly in this index.





TIAA-CREF - CREF Stock


C35463



TIAA-CREF Instl International Eq Retire TRERX....................................................................................................................................................................................................................................................................................................................................................BenchmarkMSCI World ex US NDTR_D

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQ Above Average Above AverageOut of 546 Foreign Large Blend funds. An investment's overall Morningstar Rating, based on its risk-adjustedreturn, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for more detail.

Investment Strategy from investment's prospectus

The investment seeks favorable long-term returns.The fund uses the dual investment management

strategy and invests at least 80% of assets in equitysecurities of foreign issuers. The adviser manages the fundssector and country exposure against the MSCI EAFE index inorder to control risk. It may invest in emerging markets tovarying degrees, depending on the prevalence of stockspecific opportunities. The fund sometimes hold a significantamount of stocks of smaller, lesser-known companies.

Fees and Expenses as of 02-01-07

Prospectus Gross Expense Ratio 0.84%Maximum Sales Charge .12b-1 Fee .Redemption Fee .

Operations and Management

Fund Inception Date 10-01-02Portfolio Manager(s) Christopher Semenuk

Shigemi (Amy) HattaManagement Company Teachers Advisors, Inc.Telephone 800-842-2776Web Site www.tiaa-cref.org

Benchmark Description: MSCI World ex US NDTR_D

MSCI World ex U.S. NDTR_D Index: This measures theperformance of the stock market in the following countries:Australia, Austria, Belgium, Canada, Denmark, Finland,France, Germany, Hong Kong, Ireland, Italy, Japan, Malaysia,Netherlands, New Zealand, Norway, Singapore, Spain,Sweden, Switzerland and the United Kingdom. NDTR_Dindexes are calculated daily and take into account actualdividends reinvested daily before withholding taxes, butexclude special tax credits declared by companies. Inaddition, NDTR_D indexes subtract withholding taxesretained at the source, for foreigners who do not benefitfrom a double taxation treaty.

Category Description: Foreign Large Blend

Foreign large-blend funds invest in a variety of big,international stocks. Most of these funds divide their assetsamong a dozen or more developed markets, including Japan,Britain, France, and Germany. They tend to invest the rest inemerging markets such as Hong Kong, Brazil, Mexico andThailand. These funds typically will have less than 20% ofassets invested in U.S. stocks.

Performance

10

20

30

40

0

-10

-20

-30

Total Return%as of 03-31-07

InvestmentBenchmark

Average annual, if greaterthan 1 year.

YTD 1 Year 3 Year 5 Year 10 Year Since Inception7.20 23.45 20.57 . . 24.83 Fund Return %7.20 23.45 20.57 . . 24.83 Load-Adj. Return %4.01 19.60 20.01 . . . Benchmark Return %3.45 17.61 18.60 . . . Category Average %................................................................................................................................................................................................................. . QQQQ . . . Morningstar Rating™. . 546 . . . # of Funds in Category

Quarter End Returns as of 03-31-07 YTD 1 Year 3 Year 5 Year 10 Year Since Inception

Fund Return % 7.20 23.45 20.57 . . 24.83Standardized Return % 7.20 23.45 20.57 . . 24.83

Performance Disclosure: The performance data quoted represents past performance and does not guarantee future results.The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, maybe worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein.

Growth of $10,000 as of 03-31-07 Investment Benchmark

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 03 - 07

50

40

30

20

0

10K

Portfolio Analysis as of 12-31-06Composition as of 12-31-06 % Assets

Cash 2.4U.S. Stocks 0.0Foreign Stocks 97.3Bonds 0.0Other 0.3

Morningstar Style Box™ as of 12-31-06 % Mkt Cap

LargeM

edSm

all

Value Blend Growth

Giant 28.41..........................................................Large 56.55Medium 14.06Small 0.93..........................................................Micro 0.05

Top 10 Holdings as of 12-31-06 % Assets

Bayer 5.85Deutsche Post 5.57Vinci 4.21Fiat 4.08Accor 3.96...........................................................................................................DANONE Grp 3.82Fortum Oyj 3.68Gea Grp Ag, Bochum 3.04Phonak Holding Ltd 2.83iShares MSCI EAFE Index 2.63

...........................................................................................................Total Number of Stock Holdings 164Total Number of Bond Holdings 0Annual Turnover Ratio % 164Total Fund Assets ($mil) 1,364.3

Morningstar World Regions as of 12-31-06 Fund% S&P 500%

Americas 0.37 100.00...........................................................................................................North America 0.05 100.00Latin America 0.32 0.00

Greater Europe 73.54 0.00...........................................................................................................United Kingdom 10.28 0.00Europe Developed 61.46 0.00Europe Emerging 1.77 0.00Africa/Middle East 0.04 0.00

Greater Asia 26.09 0.00...........................................................................................................Japan 18.53 0.00Australasia 4.04 0.00Asia Developed 2.34 0.00Asia Emerging 1.18 0.00

Release Date: 03-31-2007

©2007 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any useof information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com.

TIAA-CREF Instl Large-Cap Value Retire TRLCX....................................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 1000 Value

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQ Above Average Above AverageOut of 1100 Large Value funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is aweighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for more detail.


The investment seeks a favorable long-term total return.The fund uses the dual investment management

strategy and invests at least 80% of assets in equitysecurities of large domestic companies, as defined by theRussell 1000 Value index, that appear undervalued by themarket based on our evaluation of their potential worth. Itmay invest up to 20% of total assets in foreign investments.




Fund Inception Date 10-01-02Portfolio Manager(s) Richard Cutler

Thomas KolefasManagement Company Teachers Advisors, Inc.Telephone 800-842-2776Web Site www.tiaa-cref.org

Benchmark Description: Russell 1000 Value

Russell 1000 Value Index: Measures the performance ofthose Russell 1000 companies with lower price-to-bookratios and lower forecasted growth values. The Russell 1000Index measures the performance of the 1,000 largest U.S.companies based on total market capitalization, whichrepresent approximately 92% of the investable U.S. equitymarket.

Category Description: Large Value

Large-value funds focus on big companies that are lessexpensive or growing more slowly than other large-capstocks. These funds often feature investments in energy,financial, or manufacturing sectors.

Performance

10

20

30

40

0

-10

-20

-30


InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception2.19 15.48 14.58 . . 19.21 Fund Return %2.19 15.48 14.58 . . 19.21 Load-Adj. Return %1.24 16.83 14.42 . . . Benchmark Return %1.13 13.95 11.77 . . . Category Average %................................................................................................................................................................................................................. . QQQQ . . . Morningstar Rating™. . 1100 . . . # of Funds in Category





1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 03 - 07

25

20

15

5

0

10K




LargeM

edSm

all

Value Blend Growth



Altria Group, Inc. 3.52J.P. Morgan Chase & Co. 3.28SunTrust Banks, Inc. 2.76Chevron Corporation 2.61American International Group 2.42...........................................................................................................Honeywell International, Inc. 2.41Gap, Inc. 2.36Bank of America Corporation 2.30Bank of New York Company, Inc. 1.91Morgan Stanley 1.82

...........................................................................................................Total Number of Stock Holdings 165Total Number of Bond Holdings 0Annual Turnover Ratio % 115Total Fund Assets ($mil) 799.8

Morningstar Sectors as of 12-31-06 Fund% S&P 500%

h Information 12.69 20.00............................................................................................................r Software 0.67 3.67t Hardware 5.39 8.99y Media 2.09 3.61u Telecommunication 4.54 3.73

j Service 53.59 45.54............................................................................................................i Healthcare Service 8.92 11.94o Consumer Service 9.60 7.96p Business Service 2.11 4.00a Financial Service 32.96 21.64

k Manufacturing 33.71 34.48............................................................................................................s Consumer Goods 9.01 8.66d Industrial Materials 9.58 12.11f Energy 10.56 9.94g Utilities 4.56 3.77



TIAA-CREF Instl Mid-Cap Growth Retire TRGMX....................................................................................................................................................................................................................................................................................................................................................BenchmarkRussell Midcap Growth

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQ Average AverageOut of 829 Mid-Cap Growth funds. An investment's overall Morningstar Rating, based on its risk-adjusted return,is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for more detail.


The investment seeks a favorable long-term total return.The fund uses the dual investment management

strategy and invests at least 80% of assets in equitysecurities of medium-sized domestic companies, as definedby the Russell Midcap Growth index, that present theopportunity for growth. It may invest up to 20% of totalassets in foreign investments.




Fund Inception Date 10-01-02Portfolio Manager(s) George E. Ted Scalise

Gregory B. LutrellManagement Company Teachers Advisors, Inc.Telephone 800-842-2776Web Site www.tiaa-cref.org

Benchmark Description: Russell Midcap Growth

Russell Midcap Growth Index: Market-weighted total returnindex that measures the performance of companies withinthe Russell Midcap Index having higher price-to-book ratiosand higher forecasted growth values. The Russell MidcapIndex includes firms 201 through 1000, based on marketcapitalization, from the Russell 3000 Index. The Russell 3000Index represents 98% of the of the investable US equitymarket.

Category Description: Mid-Cap Growth

Some mid-cap growth funds invest in stocks of all sizes, thusleading to a mid-cap profile, but others focus on midsizecompanies. Mid-cap growth funds target firms that areprojected to grow faster than other mid-cap stocks, thereforecommanding relatively higher prices. Many of these stocksare found in the volatile technology, health-care, andservices sectors.

Performance

10

20

30

40

0

-10

-20

-30


InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception3.13 2.03 10.68 . . 19.19 Fund Return %3.13 2.03 10.68 . . 19.19 Load-Adj. Return %3.96 6.90 12.41 . . . Benchmark Return %4.08 4.09 10.74 . . . Category Average %................................................................................................................................................................................................................. . QQQ . . . Morningstar Rating™. . 829 . . . # of Funds in Category





1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 03 - 07

25

20

15

5

0

10K




LargeM

edSm

all

Value Blend Growth



Intuitive Surgical, Inc. 2.12Coach, Inc. 2.07NII Holdings, Inc. 1.94Hilton Hotels Corporation 1.89International Game Tech. 1.88...........................................................................................................Allergan, Inc. 1.83Thermo Fisher Scientific, Inc. 1.70Paychex, Inc. 1.67Polo Ralph Lauren Corporation 1.67Rockwell Collins, Inc. 1.62








TIAA-CREF Instl Mid-Cap Value Idx Retire TRVUX....................................................................................................................................................................................................................................................................................................................................................BenchmarkRussell Midcap Value

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQQ High AverageOut of 276 Mid-Cap Value funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, isa weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for more detail.


The investment seeks a favorable long-term total return.The fund invests primarily in a very broad portfolio of

equity securities of medium-sized domestic companies basedon Russell Midcap Value index. It invests substantially all ofnet assets in equity securities selected to track RussellMidcap Value index. The fund may use a sampling approachto create a portfolio that closely matches the overallinvestment characteristics of its index without investing inall of the stocks in the index.




Fund Inception Date 10-01-02Portfolio Manager(s) Anne Sapp

Philip James CampagnaManagement Company Teachers Advisors, Inc.Telephone 800-842-2776Web Site www.tiaa-cref.org

Benchmark Description: Russell Midcap Value

Russell Midcap Value Index: Market-weighted total returnindex that measures the performance of companies withinthe Russell Midcap Index having lower price-to-book ratiosand lower forecasted growth values. The Russell MidcapIndex includes firms 201 through 1000, based on marketcapitalization, from the Russell 3000 Index. The Russell 3000Index represents 98% of the of the investable US equitymarket.

Category Description: Mid-Cap Value

Some mid-cap value funds focus on medium-size companieswhile others land here because they own a mix of small-,mid-, and large-cap stocks. All look for stocks that are lessexpensive or growing more slowly than the market. Many oftheir holdings come from financial, energy, andmanufacturing sectors.

Performance

10

20

30

40

0

-10

-20

-30


InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception4.76 16.60 18.08 . . 22.39 Fund Return %4.76 16.60 18.08 . . 22.39 Load-Adj. Return %4.86 17.13 18.58 . . . Benchmark Return %3.97 13.28 13.74 . . . Category Average %................................................................................................................................................................................................................. . QQQQQ . . . Morningstar Rating™. . 276 . . . # of Funds in Category





1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 03 - 07

50

40

30

20

0

10K




LargeM

edSm

all

Value Blend Growth



iShares Russell Midcap Value Index 2.37Entergy Corporation 0.98Equity Office Properties Trust 0.90American Electric Power 0.86PG & E Corporation 0.84...........................................................................................................Xerox Corporation 0.84Vornado Realty Trust 0.81Safeway Inc. 0.79KeyCorp 0.79ProLogis Trust 0.76








TIAA-CREF Instl Small-Cap Equity Retire TRSEX....................................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 2000

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQ Average Above AverageOut of 495 Small Blend funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is aweighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for more detail.


The investment seeks a favorable long-term total return.The fund normally invests at least 80% of assets in

equity securities of smaller domestic companies, across awide range of sectors, growth rates and valuation, whichappear to have favorable prospects for significant long-termcapital appreciation .




Fund Inception Date 10-01-02Portfolio Manager(s) Michael S. ShingManagement Company Teachers Advisors, Inc.Telephone 800-842-2776Web Site www.tiaa-cref.org

Benchmark Description: Russell 2000

Russell 2000 Index: Consists of the smallest 2000 companiesin the Russell 3000 Index, representing approximately 7% ofthe Russell 3000 total market capitalization. The returns wepublish for the index are total returns, which includereinvestment of dividends.

Category Description: Small Blend

Small-blend funds favor firms at the smaller end of themarket-capitalization range, and are flexible in the types ofsmall caps they buy. Some aim to own an array of value andgrowth stocks while others employ a discipline that leads toholdings with valuations and growth rates close to thesmall-cap averages.

Performance

10

20

30

40

0

-10

-20

-30


InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception2.14 5.70 11.67 . . 20.30 Fund Return %2.14 5.70 11.67 . . 20.30 Load-Adj. Return %1.95 5.91 12.00 . . . Benchmark Return %2.89 5.78 12.34 . . . Category Average %................................................................................................................................................................................................................. . QQQ . . . Morningstar Rating™. . 495 . . . # of Funds in Category





1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 03 - 07

25

20

15

5

0

10K




LargeM

edSm

all

Value Blend Growth



Russell Index (Fut) 03-15-07 2.37Payless ShoeSource, Inc. 0.60Jack In The Box, Inc. 0.52Nicor Inc. 0.52InterDigital Communications Corporation 0.52...........................................................................................................Steris Corporation 0.50Black Hills Corporation 0.48Cousins Properties, Inc. 0.47Diamondrock Hospitality Company 0.47Plexus Corp. 0.47








TIAA-CREF - TIAA Real Estate

TIAA Variable Annuity Accounts

Real EstateThe TIAA Real Estate Account seeks favorable long-term returns primarily through rental income and appreciation of real estate investments owned by the account.


Unit value as of 06/08/2007: $290.23Total return year-to-date as of 06/08/2007: 6.06%3-month cumulative rate of return as of 03/31/2007: 4.02%Net invested

assets as of 03/31/2007: $15.17 billionExpense charge*: 0.79%Inception date: 10/02/1995Investment class: Real Estate

Financial PerformancePerformance Dataas of 06/08/2007

Average Annual Total Returnsas of 05/31/2007

UnitValue

NetChange


Inception$290.23 +0.07% 6.06% 14.42% 14.49% 11.26% 9.79% 9.44%


The account is subject to special risks including real estate investing risks, financial risk, market risk, income volatility risk and foreign investment risks.

Some Important Information for TIAA-CREF California Participants:

In California, the TIAA Real Estate Account is available through IRAs, but not all employer-sponsored plans. Please contact us to determine if your institution's plan can accept investments into the account. Feel free to contact us between the hours of 8:30 a.m. PT and 4:30 p.m. PT, Monday through Friday, at the following toll-free numbers:



TIAA-CREF - TIAA Real Estate

San Francisco Office: 800 842-2007Newport Beach Office: 877 209-3140Pasadena Office: 866 842-2905


TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc. distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please click here or call 1 877 518-9161 for a prospectus that contains this and other information. Please read the prospectus carefully before investing. TIAA (Teachers Insurance and Annuity Association) New York, NY issues annuities. Investment products are not FDIC insured, may lose value, and are not bank guaranteed.

C35463




TIAA-CREF - CREF Bond Market


Bond MarketThe CREF Bond Market Account seeks a favorable long-term rate of return, primarily through high current income consistent with preserving capital.


Unit value as of 06/08/2007: $79.65Total return year-to-date as of 06/08/2007: 0.14%3-month cumulative rate of return as of 03/31/2007: 1.37%Net invested assets as of 03/31/2007: $6.71 billionExpense charge*: 0.45%Inception date: 03/01/1990Investment class: Fixed Income

As of 06/07/2007: 30-day yield 4.90%



UnitValue

NetChange


InceptionBond Market $79.72 -0.57% 0.23% 6.36% 4.06% 4.61% 6.03% 7.00%Lehman Brothers U.S. Aggregate Index† -- -0.57% 0.39% 6.66% 4.28% 4.72% 6.17% 7.20%


Investing in this account involves a number of risks, including interest rate risk, income volatility risk, credit risk, prepayment and extension risk, illiquid security risk, and foreign investment risks.


† The Lehman Brothers U.S. Aggregate Index measures the performance of the U.S. investment-grade, fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. You cannot invest directly in this index.





TIAA-CREF - CREF Bond Market


C35463



TIAA-CREF - CREF Inflation-Linked Bond


Inflation-Linked BondThe CREF Inflation-Linked Bond Account seeks a long-term rate of return that outpaces inflation, primarily through investment in inflation-indexed bonds—fixed-income securities whose returns are designed to track a specified inflation index over the life of the bond.


Unit value as of 06/08/2007: $46.67Total return year-to-date as of 06/08/2007: 0.50%3-month cumulative rate of return as of 03/31/2007: 2.38%Net invested assets as of 03/31/2007: $3.80 billionExpense charge*: 0.45%Inception date: 05/01/1997Investment class: Fixed Income

As of 06/07/2007: 30-day yield 12.12%



UnitValue

NetChange


InceptionInflation-Linked Bond $46.69 -0.77% 0.54% 3.87% 3.47% 5.91% 6.31% 6.31%Lehman Brothers U.S. TIPS Index† -- -0.78% 0.77% 4.44% 3.87% 6.36% 6.72% 6.72%


Investing in this account involves risk that the market values of these bonds may be affected by changes in investors' inflation expectations or changes in "real" rates of interest (i.e., a security's return, above the inflation rate).


† The Lehman Brothers U.S. TIPS Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation as measured by the Consumer Price Index for All Urban Consumers. You cannot invest directly in this index.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc. distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully



TIAA-CREF - CREF Inflation-Linked Bond

before investing. Please click here or call 1 877 518-9161 for a prospectus that contains this and other information. Please read the prospectus carefully before investing. TIAA (Teachers Insurance and Annuity Association) New York, NY issues annuities. Investment products are not FDIC insured, may lose value, and are not bank guaranteed.

C35463




TIAA-CREF - CREF Money Market


Money MarketThe CREF Money Market Account seeks high current income consistent with maintaining liquidity and preserving capital.


Unit value as of 06/08/2007: $24.24Total return year-to-date as of 06/08/2007: 2.14%3-month cumulative rate of return as of 03/31/2007: 1.19%Net invested assets as of 03/31/2007: $10.07 billionExpense charge*: 0.40%Inception date: 04/01/1988Investment class: Money Market

As of 06/07/2007:7-day current annualized yield 4.87%7-day effective annual yield 4.99%



UnitValue

NetChange


InceptionMoney Market $24.24 0.00% 2.14% 4.99% 3.47% 2.45% 3.69% 4.72%iMoneyNet Money Fund Report Averages™ All Taxable† -- -- -- -- -- -- -- --


An investment in this account is not a deposit of any bank and is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency. It is possible to lose money in these funds. The current yield more closely reflects the account's current earnings than does the total return.


† The iMoneyNet Money Fund Report Averages—All Taxable category is a simple average of over 1,000 taxable money market funds and you cannot invest directly in it.





TIAA-CREF - CREF Money Market


C35463



TIAA-CREF - TIAA Traditional Annuity

TIAA Traditional AnnuityA guaranteed annuity backed by TIAA's claims-paying ability, TIAA Traditional guarantees your principal and a minimum interest rate,1 plus it offers the opportunity for additional amounts in excess of the guaranteed rate. These additional amounts, when declared by the TIAA Board of Trustees, remain in effect for the "declaration year" that begins each March 1. TIAA has credited additional amounts of interest every year since 1948.

Total Participant Funds as of 03/31/2007: $163.5 billion

TIAA Traditional AnnuityCurrent Rates Rates of Return Ending 05/31/2007

1 Year 3 Year 5 Year 10 YearTIAA Traditional Annuity

Retirement Annuity 5.25% 5.31% 4.99% 5.87% 6.58%Supplemental Retirement Annuities, IRAs and Keoghs 4.50% 4.56% 3.64% 5.34% 6.06%

1. Interest credited to TIAA Traditional Annuity accumulations includes a guaranteed rate, plus additional amounts that are established on a year-by-year basis. The guaranteed annual interest rate is 3% for all premiums remitted since 1979 under all TIAA Traditional Annuity accumulating contracts, except that for Retirement Choice Annuities the guaranteed rate is between 1% and 3%, as specified in the contract. The additional amounts, when declared, remain in effect through the "declaration year," which begins each March 1.

Retirement Annuity contract form series 1000.24;Group Retirement Annuity contract form series G-1000.4 and G-1000.5;Supplemental Retirement Annuity contract form series 1200.8;Group Supplemental Retirement Annuity contract form series G1250.1;IRA Annuity contract form series 1280.2;Roth IRA Annuity contract form series 1280.3;Keogh Annuity contract form series G1350.

Teachers Insurance and Annuity Association (TIAA), New York, NY, issues annuity contracts.

C36072


http://www.tiaa-cref.org/performance/retirement/profiles/tiaa_traditional_annuity.html6/11/2007 7:19:14 AM

TIAA-CREF - CREF Social Choice


Social ChoiceThe CREF Social Choice Account seeks a favorable long-term rate of return that reflects the investment performance of the financial markets while giving special consideration to certain social criteria.


Unit value as of 06/08/2007: $130.59Total return year-to-date as of 06/08/2007: 4.04%3-month cumulative rate of return as of 03/31/2007: 1.20%Net invested assets as of 03/31/2007: $8.91 billionExpense charge*: 0.43%Inception date: 03/01/1990Investment class: Balanced



UnitValue

NetChange


InceptionSocial Choice $129.79 -1.32% 3.40% 15.20% 9.50% 8.10% 7.46% 10.14%CREF Social Choice Composite Index† -- -1.31% 3.95% 16.12% 10.11% 8.39% 7.92% 10.27%


The risks that the account is subject to include the risk of socially screened investing, market risk, company risk, small-cap risk, income volatility risk, credit risk, interest-rate risk, prepayment risk, extension risk and foreign investment risks.




TIAA-CREF - CREF Social Choice

† The account's benchmark is a composite index composed of the Russell 3000® Index and the Lehman Brothers Aggregate Bond Index. The Russell 3000 Index is an unmanaged index of stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization, and represents about 98% of the total market capitalization of the publicly traded U.S. equity market. The Lehman Brothers Aggregate Bond Index tracks the performance of the U.S. investment-grade fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities, and commercial mortgage-backed securities. Both indices are weighted, meaning that the return of a larger security has a greater effect on the index's return than that of a smaller one. You cannot invest directly in this index.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc. distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please click here or call 1 877 518-9161 for a prospectus that contains this and other information. Please read the prospectus carefully before investing. TIAA (Teachers Insurance and Annuity Association) New York, NY issues annuities. Investment products are not FDIC insured, may lose value, and are not bank guaranteed.

C35463


